First 200 People get $104!!!

Image via CrunchBase

Hurry! You can get a $104 Bonus for FREE if you are one of the First 200 New Prosper Lenders to sign up starting at noon. There is a countdown to the site.

Just click here and as soon as the promotion starts sign up! You do not have to fund an account with your own money to get the $104. You can invest this $104 immediately (you will have to invest it). I do not know how long the 200 bonuses will last; I will try to keep an eye on it and let you know when it is over. Leave a comment if you notice that the bonuses are gone!

They are doing this in celebration of the average returns that Prosper lenders are getting! That’s right, the average peer to peer lender is getting 10.4% returns!

I have not tried Prosper yet (although I will after this promotion). I do fund peer to peer lending through Lending Club and I enjoy great returns there. I am excited to try Prosper out!

Peer to peer lending brings loans back to the “little guy”. If you need a loan you can apply and if you have “bad” credit you will get a better rate here than at a bank. If you want to help fund a loan you will get better returns than at a bank. You can diversify the loans you fund and lower your risk of default. At a bank you fill out a piece of paper, they look at your credit, and accept or deny you. With peer to peer lending you fill out the form and they rank you based on your credit and a few other things. Then you are put on the site and other people decide if they want to help fund your loan in $25 increments. If your loan is fully funded you pay Prosper back and the funds are distributed among your lenders accordingly.

I have been funding peer to peer loans for over a year now and even though I tend to pick a “risky” portfolio I have yet to have a default. My returns are 13.4% (although the average for Prosper is 10.4%). I must admit there is also something nice about reading an application and knowing that you are helping them just as much as they are helping you.

Use the free $104 to see how you like investing in peer to peer lending. Who doesn’t love free money!